Mabwell (Shanghai) Bioscience Co., Ltd. released its unaudited 2026 third-quarter report, prepared under PRC GAAP. The sharp reduction in one-off licensing fees and continued high research spending pushed the company deeper into the red despite solid growth from product sales.
Third-quarter performance • Operating revenue declined 33.61% year on year to RMB 308.48 million (USD 42.1 million), chiefly because technology-service income from prior licensing deals with Qilu Pharmaceutical and DISC Medicine was not repeated at the same scale. • Pharmaceutical product sales more than doubled to RMB 122.89 million, yet this increase could not offset the drop in technology-service revenue, which fell 54.87% to RMB 183.63 million. • Net loss attributable to shareholders widened to RMB 156.71 million (3Q25 comparative data not disclosed in the filing). • Basic and diluted earnings per share stood at –RMB 0.35.
Nine-month snapshot (Jan–Sep 2026) • Cumulative revenue rose 9.77% to RMB 621.12 million, supported by earlier-period licence payments. • Net loss attributable to shareholders expanded to RMB 678.42 million, versus a RMB 597.66 million loss a year earlier. • R&D investment reached RMB 687.67 million, equal to 110.71% of revenue, underscoring the group’s continued focus on pipeline advancement. • Net operating cash outflow ballooned to RMB 744.77 million, compared with a RMB 103.03 million outflow in the prior-year period, reflecting lower upfront and milestone receipts.
Balance-sheet developments • Total assets increased 16.37% since year-end 2025 to RMB 5.30 billion, bolstered by April’s H-share fundraising. • Cash and bank balances rose to RMB 2.31 billion from RMB 1.53 billion at end-2025, aided by RMB 1.10 billion of new equity proceeds and RMB 1.78 billion in new borrowings. • Owners’ equity attributable to shareholders more than doubled to RMB 716.07 million. • Total liabilities climbed to RMB 4.41 billion, driven by higher short- and long-term borrowings.
Pipeline and commercial progress The company reports 16 clinical or marketed assets (12 innovative drugs, 4 biosimilars). Key milestones during the quarter include: 1. 9MW2821 (Nectin-4 ADC) – four pivotal Phase III trials underway; Phase II data in pre-treated triple-negative breast cancer showed 30.0% ORR and 80.0% DCR. 2. 9MW1911 (anti-ST2 mAb) – Phase IIb COPD study completed interim analysis; plans to seek Phase III protocol discussion in 4Q26. 3. 7MW3711 (B7-H3 ADC) – approved to start a global first-in-class Phase III trial for squamous NSCLC. 4. 6MW5311 (LILRB4/CD3 bispecific T-cell engager) – first patient dosed in China for hematologic malignancies. 5. 9MW5211 – clinical approvals obtained in China for type 1 diabetes, vitiligo and primary biliary cholangitis, adding to existing clearances for IBD and multiple sclerosis.
Commercialisation accelerated with domestic pharmaceutical sales up 122.13% year on year. Internationally, Mabwell signed licensing deals for osteoporosis biosimilar 9MW0813 in the Philippines, Vietnam, Malaysia and Saudi Arabia, and secured Brazilian GMP certification for denosumab injections 9MW0311 and 9MW0321.
Regulatory status The results are unaudited and follow PRC accounting standards rather than IFRS. Investors are advised to interpret the figures accordingly and exercise caution when dealing in Mabwell securities.
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